Chinese Demand for Copper Vanishes After Prices Hit Record [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Copper on the London Metal Exchange burst through $13,000 a ton for the first time this week, extending its rally to nearly 50% over the past year. A cocktail of bullish factors could drive prices even higher over the short term. While real-world buyers typically take time to adjust to such sharp increases, what's notable in this case is the extent to which industrial users in the biggest market are scaling back purchases. Most Read from Bloomberg “It is surprising how much price rejection is taking place. The Chinese are just not buying copper, it's true,” Kostas Bintas, head of metals at trading giant Mercuria Energy Group Ltd., said in an interview. “But it's finite — at some point you need to buy.” Sluggish physical demand contrasts with the speculative frenzy lifting futures markets, where deep-pocketed funds are responding to tighter global supply, favorable interest rates and an impulse to hedge geopolitical turmoil by stockpiling commodities. The copper contract in Shan
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News
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